Real wages slump since COVID: OECD
We knew it, but sometimes your international buddy flying in for an intervention really puts it between your eyes.
Real wages in Australia are nearly 5 per cent lower than they were just before the start of the COVID pandemic.
The OECD's latest employment outlook puts it clearly.
Real wages are wages that are adjusted for inflation — they're about the purchasing power of money, what you can do with it.
Australia's -4.8% drop was among the largest of its member countries.
Australian workers (who make their living from income, not assets) lag those in many other nations — including the UK, US, Germany and Spain.
The report notes that real wages grew in 2024 for the first time in nearly three years, but households are still facing pressure under the cost of living crisis.
All this on Albo's watch
